[2020.4.30 minutes of Nickel Internal Morning meeting] Nickel pig iron prices have been blocked by the stainless steel market entering the festive atmosphere.

Although there is still an intention to raise the price of nickel pig iron, it is difficult for stainless steel to continue to rise, and the profit of the steel mill determines that the room for accepting the price increase of raw materials is also limited. At present, the rising power of spot products in the industrial chain is gradually fading, and nickel prices will continue to hold a weak shock trend in the near future. However, the high scheduling of stainless steel still has a basic support for the consumption of nickel itself. If prices want to boost again, we need further macro stimulus to improve the industry's expectations of future consumption; the post-festival forecast range of Shanghai Nickel 97500-103500 yuan / ton, 11900-12600 US dollars / ton.

1. On April 29th SMM1 Electrolytic Nickel was quoted at 100800-102600 yuan / ton, with an average price increase of 850 yuan / ton. Shanghai nickel gradually fell back after opening, but the center of gravity is still running above 100000, the spot discount is more stable than the previous day, trading also continues to be light. Russian nickel to Shanghai nickel 2006 contract report to 100 yuan / ton to flat water, discount source of goods have sporadic transactions, flat water quotation is more difficult to ship, most traders react, trading volume is not good. Jinchuan nickel to Shanghai nickel 2006 contract rose 1300-1400 yuan / ton, there is a little circulation between traders, downstream demand is weak and the market low price supply is difficult to inquire.

2. In the aspect of nickel pig iron, the Delong Phase II project, which is of great concern, has also been officially put into production, and the smooth progress of production in Indonesia also represents that nickel pig iron resources will continue to be abundant in the future. This week, the ex-factory price of high-nickel pig iron remained at Friday's level, running at 950-960 yuan / nickel point (including tax). The iron factory quotation rises further, the high level has reached 1010-103 yuan / nickel point (including the factory tax), regarding this high price, the steel mill expresses temporarily difficult to accept. After the festival, nickel iron still has the possibility of rising slightly, it is expected that the factory will be difficult to break 1000 yuan / nickel point in the short term.

In addition, the ore price may rise slightly after the export of nickel ore resumes in May, which supports the price of nickel and iron, but the profit of stainless steel tends to shrink and the increase is expected to be limited.

3. On April 29, the price of stainless steel in Wuxi was stable. 3042B rough edge roll price was 1280013300 yuan / ton, 3042B state cutting edge was 13200-13400 yuan / ton, 304 NO.1 was 12600-12900 yuan / ton. As Labour Day holiday approaches, trading in the spot market is flat and prices are stable. Most traders have a wait-and-see attitude towards the future. After the supply of steel mills arrives in the market in May, they have to judge the price trend by looking at the overall demand situation. The last SS2006 contract continued to fall sharply this week, and the SS2007 contract has become the main position contract.